MonikaK1
Expert Alumni

Get your taxes done using TurboTax

Under current tax law, you can only deduct gambling losses to the extent of winnings reported, and only if you itemize your deductions, unless you are in business as a professional gambler. 

 

If your total itemizable deductions including the gambling losses (limited to winnings) don't total more than your standard deduction, you can't claim any additional amount for the losses and you would be limited to the standard deduction.

 

This article provides more helpful details on this topic. 

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